SEARCHES & HIRINGS
Louisiana State Employees' Retirement System, Baton Rouge, has issued RFPs for global fixed-income managers. Robert Borden, CIO, said the $5 billion LASERS probably will hire at least two global bond managers to split $500 million. RFPs are due by July 14 with final presentations to be scheduled later this summer. New England Pension Consultants is assisting.
Alcan Adminco Inc., Montreal, hired Sun Life Investment Management to provide an S&P 500 index fund for its C$160 million (U.S. $116 million) employee savings plan, said Hugh Pollock, vice president and manager-pension administration group for the Alcan Aluminum Ltd. unit. The fund is the seventh investment option for the plan and its first non-Canadian portfolio.
St. Louis County retirement plans, Clayton, Mo., hired Wellington to run $35 million in bond assets, replacing Boatmen's, said Ralph Bowser, retirement plans administrator for the county, with $220 million in assets.
County trustees also have put on hold a search for a new custodian, pending the transfer of incumbent Boatmen's custodial assets to Bankers Trust. Bankers Trust was a custodial finalist following RFIs anyway, Mr. Bowser said. A decision will be made in the fall.
Wichita (Kan.) Retirement Funds hired Northern Trust to replace Boatmen's Trust as master trustee/custodian for the $320 million Wichita Employees' Retirement Fund and the $275 million Wichita Police & Firemen's Retirement System. Wichita began seeking a new custodian after Boatmen's was acquired by NationsBank, which sold off its custody operations, said Alan Person, pension manager.
Nebraska Public Power District, Columbus, hired American Express to provide bundled services for its defined contribution plan.
The company will meet with the firm later this week to discuss specific options for the $270 million plan. TPK Asset Management, First Bank Duluth, Smith Barney, IDS Advisory Group, Murray Johnstone and Morley Capital had been investment managers for the plan. The switch will allow employees to choose how to invest their money, said Bill Podraza, vice president for human resources and external affairs. Asset Consulting Group assisted.
Haverford College, Haverford, Pa., has added two alternative investments for its $191 million endowment fund. Officials committed $7 million to Grantham, Mayo, Van Otterloo for an emerging countries debt mandate and $5 million to the WCAS Capital Partners III private equity fund.
The college is building its alternative investment allocation to 15% of assets from 10%, said G. Richard Wynn, vice president of finance and administration, treasurer. Funding for GMO came from a reallocation; funding for WCAS came from cash flow. Cambridge Associates assisted